-- Published: Wednesday, 24 July 2019 | Print | Disqus
Three things/events/economic data which can affect gold and silver till next week.
1. European Central bank meeting tomorrow.
2. US GDP numbers on Friday.
3. US-China trade talks.
I do not think FOMC meet will have any impact on metals, energies or the US dollar Index. Interest rate cut has been factored in by the market.
Gold and silver short-term investors need to closely look to upcoming US-China trade talk. So far it was the false wolf cry. Gold and silver will nosedive if the “wolf” of trade peace between US-China happens. Watch closely the US-China trade talks. Gold can fall to $1357 if there is trade deal between USA and China. Silver will fall to $1541 if there is a US-China trade deal. This is just the only of the bearish trend scenario for gold and silver.
US GDP numbers can have far reaching impact on gold, silver and the US dollar Index. Price moves after the US GDP numbers will be far greater than the FOMC. In fact prices price moves in currency markets and metals can be a damn squib (after the FOMC) if the US GDP numbers has some serious surprises.
I am ignoring the European central bank meeting and will prefer to trade in the technical till the ECB meet tomorrow.
COMEX GOLD AUGUST 2019 – current price $1421.40
· Trend is neutral.
· Sell off will be there if gold trades below $1413 or gold does not break $1436 by tomorrow.
· Remain on the sidelines today.
MCX Gold August 2019: (previous day close/CMP Rs.35019)
· Gold will break free from 34850-35200 range and form a new range anytime.
· Be prepared for 250-300 one way move anytime.
· Corrections upto Rs.34673 will be a part and parcel of the bull rally.
· I am against new short term long position unless gold breaks trades over Rs.35589 with some trailing stop loss.
(prices in Indian rupees above)
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-- Published: Wednesday, 24 July 2019 | E-Mail | Print | Source: GoldSeek.com